November 14, 2014 / 11:40 PM / 5 years ago

Zoetis adopts poison pill after Ackman picks up stake

Nov 14 (Reuters) - Zoetis Inc adopted a poison pill, three days after activist investor William Ackman’s Pershing Square Capital Holdings revealed a stake in the animal health company.

Zoetis set the trigger for the poison pill at 15 percent.

The rights plan is set to expire on Nov. 16, 2015, the company said in a statement on Friday.

Ackman said his hedge fund had picked up an 8.5 percent stake in Zoetis, along with Sachem Head Capital, which owned 1.6 percent stake separately.

As of Tuesday, Ackman’s stake was worth $1.54 billion.

Shares of Zoetis, which have gained 7 percent since Ackman’s stake was announced, closed at $43.14 on the New York Stock Exchange. (Reporting by Vidya L Nathan in Bangalore; Editing by Sriraj Kalluvila)

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